Ann: Grace Copper-Gold Project Update, page-34

I may have some more feel for this than you,@Topo, but your query covers most bases.

Mentioned some of the main possibilities earlier.

Going over these plus a few comments

• They budgeted a set amount of $s rather than metres.
• The rig was on site for a month or so which likely would have been enough time to complete an RC based program within that budget.
• The switch to diamond drilling expenditures would come close to exhausting the budget.
• Time could be a factor with the drill contract limited to X weeks/days.
• There was the recent CR to expand the drill program, I believe. If they had spent all those funds then a good reason to pause and see what results come back.
• They obviously liked what they saw in the EIS hole enough to drill 4 more diamond holes that show similar veining and some arsenides/?sulphides along a 1 Km strike at Grace. IMO the program was not suspended for obvious dusters. The reverse (site geos seem to like visuals) is probably the case until assays are returned.
• Either way good or bad if the budget is expended pull back and assess what has been encountered.
• As others have queried what is happening in the NSW ground? Too much focus in WA and there is no budget for there. A perennial problem for small explorers unfortunately.

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I did work for a larger company back in the early 80's where head office managed a major budget stuff up.

We had set up a camp and a drill rig had already been mobilised 1500Kms to do our planned drill program. So senior management reluctantly allowed us to drill but with a very strict limit of 1000 feet (or 304.8m during the transition to metric) of diamond drilling.

We met that target exactly in 4 holes. All among the best holes into the property (8m @11g/t Au and 40m @ 2 from dim memory). Kim deposit, that is still sitting in the ground north of Yellowknife in the NWT.

A fairly extreme example of budgetary constraints.

PSL have to watch the shekels so IMO some variant may have happened following the decision to go diamond. Fingers crossed the assays come back positive as the ones did (unexpectedly wellI must admit) for the 1000 foot program.